O.C. Scams Linked to Laundering Money at BCCI : Fraud: They say burgeoning probe finds evidence from Laguna Hills operation that points to laundered funds in Panama. Other local investment schemes may be involved.

Federal investigators said Thursday that they suspect a network of white-collar criminals may have laundered money from a range of Southern California investment scams through Bank of Credit and Commerce International.

Special agents from the Internal Revenue Service and U.S. Postal Inspection Service claim that the evidence gathered in a $16-million Orange County telemarketing fraud indicates that proceeds from a number of other scam operations may have found their way into BCCI accounts.

These suspicions came about after investigators learned that $3 million of investor funds from First American Currency, a fraudulent Laguna Hills telemarketing operation, were funneled to the Panamanian subsidiary of BCCI.

First American Currency officials were indicted in early February on charges of running an illegal telemarketing operation that sold futures contracts for precious metals. Prospective customers were told that their money would be used to purchase metals or related contracts “when, in fact, most of the investors’ money was diverted to the personal benefit of the defendants,” prosecutors said.

BCCI is widely believed to be involved in the biggest banking scandal in history. Its assets were seized earlier this month in seven nations, including the United States.

On Thursday, federal officials said they suspect a Mission Viejo accountant under indictment in the First American Currency case and a Panamanian citizen under indictment in a separate case--now both fugitives from federal authorities--may have arranged for a number of scam operators to secrete money out of this country and into BCCI in Panama.

John Cogswell, the Panamanian, is wanted by federal authorities in connection with a $28-million tax shelter fraud in North Hollywood in the late 1970s. He was indicted in 1986 but has eluded the grasp of U.S. agents.

“He was instrumental in putting together the tax fraud,” said former U.S. Atty. Brian Hennigan, now in private practice in Los Angeles.

After seizing First American Currency’s books and records in the mid-1980s, Commodity Futures Trading Commission investigators discovered a telegram saying that Cogswell was arranging the $3-million transfer of First American funds from an Imperial Bank branch in Costa Mesa to BCCI Panama.

“Bank cards indicated Cogswell was the signatory, the one authorized to issue checks from those accounts,” said U.S. Atty. Steven M. Bauer, a prosecutor in the First American Currency case.

Federal investigators now say they suspect that Cogswell--because of his role in the First American Currency case--helps white-collar criminals in the United States stash money in Panama, sometimes at BCCI.

“I suspect that Cogswell and BCCI have been used repeatedly by those in the boiler room industry here,” said Jim Harbin, a chief postal fraud inspector in Long Beach.

Harbin said he based his suspicions in part on Cogswell’s business relationship with William Carl of Mission Viejo.

“I know Carl has been a consultant for many different boiler rooms in the area, and I know he did it for First American Currency or (at least) we have enough evidence to indict him for having laundered money for First American Currency,” Harbin said. “Plus, I’ve talked to other boiler room (operators) who have dealt with Carl and he suggested to them they move money offshore.”

Carl, Harbin said, “used Cogswell in the case of First American Currency, and you connect that with (a key figure in the North Hollywood tax scam) using Cogswell. There is the inference that this happened more than once.”

Harbin investigated the First American Currency case along with officials from the Commodity Futures Trading Commission and the IRS.

First American Currency’s $3 million was deposited into BCCI bank accounts through a brokerage in Panama known as Allen W. Lloyd y Associados. One of the accounts was in the name of Panama International Trust Corp.

Dona Huddleston, the CFTC’s deputy regional counsel in Los Angeles, said Thursday that Cogswell controls both Lloyd and Panama International Trust. Cogswell, Lloyd and Panama International shared the same address and telephone number, Huddleston said.

Besides Cogswell, federal investigators believe Carl--who is known to have provided accounting services for First American Currency and several other boiler room operations--helped channel funds from some of those boiler rooms to Panamanian banks, including BCCI.

Harbin said Thursday that “I can’t get into the details of other investigations that are not public but I have interviewed business associates of his (Carl’s) who have discussed other offshore transactions suggested by him.”

Asked if those transactions were believed to be illegal, Harbin said, “Yes.”

Federal investigators claim Carl--using the alias Luis Cordero--served as an accountant for boiler rooms including B.N. Goldberg & Associates in Laguna Hills and Schoolhouse Coins in Costa Mesa, among others. Those firms were all shut down or put into receivership by federal authorities in recent years.

“Carl . . . often recommended that the operators send money to Panama,” said Harbin, saying investor losses were in the tens of millions of dollars.

Carl was indicted on fraud charges last year in the First American Currency case but is now a fugitive.

“He (Carl) always sort of kept in the background. He handles the money, he didn’t do sales,” Harbin said. “The evidence we’ve gathered against him has taken years to come to fruition.”

Bauer on Thursday refused to comment on charges that other white-collar criminal operations in the Southland may have laundered money through BCCI.

“The U.S. attorney’s office can’t comment on any pending investigations,” he said.